INDAX vs. SPY

Last updated Jun 24, 2026

INDAX (ALPS/Kotak India ESG Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - INDAX is a Asia Pacific Equities fund managed by ALPS, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, INDAX returned 7.47%/yr vs 15.53%/yr for SPY. At a 0.43 correlation, their price movements are largely independent. INDAX charges 1.33%/yr vs 0.09%/yr for SPY.

Performance

INDAX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ALPS/Kotak India ESG Fund (INDAX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INDAX achieves a -10.69% return, which is significantly lower than SPY's 8.15% return. Over the past 10 years, INDAX has underperformed SPY with an annualized return of 7.47%, while SPY has yielded a comparatively higher 15.53% annualized return.

INDAX

• 1D: 0.64%
• 1M: 3.20%
• YTD: -10.69%
• 6M: -11.35%
• 1Y: -10.92%
• 3Y*: 4.22%
• 5Y*: 2.88%
• 10Y*: 7.47%

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

*Multi-year figures are annualized to reflect compound growth (CAGR)

INDAX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INDAX ALPS/Kotak India ESG Fund	-10.69%	2.03%	10.94%	16.77%	-12.62%	26.37%	14.68%	8.41%	-12.51%	39.77%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between INDAX and SPY is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Feb 14, 2011	0.43

The correlation between INDAX and SPY shifts across timeframes, from 0.28 (1 year) to 0.44 (5 years), reflecting how their relationship changes across market environments.

INDAX vs. SPY - Sectors Allocation Comparison

Sectors	INDAX	SPY
Financial Services	32.9%	11.1%
Consumer Cyclical	14.8%	9.9%
Industrials	10.4%	7.8%
Technology	8.7%	39.0%
Energy	7.2%	3.1%
Communication Services	7.2%	10.6%
Healthcare	5.8%	8.3%
Basic Materials	5.5%	1.7%
Consumer Defensive	4.3%	4.5%
Real Estate	1.3%	1.8%
Utilities	-	2.1%

Return for Risk

INDAX vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

INDAX

INDAX Risk / Return Rank: 1
INDAX Sharpe Ratio Rank: 1
INDAX Sortino Ratio Rank: 1
INDAX Omega Ratio Rank: 1
INDAX Calmar Ratio Rank: 1
INDAX Martin Ratio Rank: 1

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

INDAX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ALPS/Kotak India ESG Fund (INDAX) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	INDAX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.73	1.90	-2.63
Sortino ratio: Return per unit of downside risk	-0.98	2.58	-3.57
Omega ratio: Gain probability vs. loss probability	0.89	1.34	-0.46
Calmar ratio: Return relative to maximum drawdown	-0.52	2.67	-3.19
Martin ratio: Return relative to average drawdown	-1.13	11.92	-13.05

INDAX vs. SPY - Sharpe Ratio Comparison

The current INDAX Sharpe Ratio is -0.73, which is lower than the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of INDAX and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

INDAX vs. SPY - Drawdown Comparison

The maximum INDAX drawdown since its inception was -43.98%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for INDAX and SPY.

Drawdown Indicators

	INDAX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-43.98%	-55.19%	+11.21%
Max Drawdown (1Y) Largest decline over 1 year	-20.85%	-8.88%	-11.97%
Max Drawdown (3Y) Largest decline over 3 years	-23.49%	-18.76%	-4.73%
Max Drawdown (5Y) Largest decline over 5 years	-23.49%	-24.50%	+1.01%
Max Drawdown (10Y) Largest decline over 10 years	-43.98%	-33.72%	-10.26%
Current Drawdown Current decline from peak	-16.95%	-3.17%	-13.78%
Average Drawdown Average peak-to-trough decline	-10.79%	-9.04%	-1.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.59%	1.98%	+7.61%

Volatility

INDAX vs. SPY - Volatility Comparison

The current volatility for ALPS/Kotak India ESG Fund (INDAX) is 4.39%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.87%. This indicates that INDAX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INDAX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	4.87%	-0.48%
Volatility (6M) Calculated over the trailing 6-month period	12.89%	9.85%	+3.04%
Volatility (1Y) Calculated over the trailing 1-year period	14.85%	12.50%	+2.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.15%	17.15%	-2.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.88%	17.95%	-1.07%

INDAX vs. SPY - Expense Ratio Comparison

INDAX has a 1.33% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

INDAX vs. SPY - Dividend Comparison

INDAX's dividend yield for the trailing twelve months is around 6.30%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INDAX ALPS/Kotak India ESG Fund	6.30%	5.62%	16.14%	4.43%	1.65%	5.48%	0.00%	1.30%	6.55%	2.79%	1.32%	15.14%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both INDAX and SPY in my portfolio?

INDAX and SPY have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INDAX or SPY?

SPY has higher volatility (4.87%) compared to INDAX (4.39%). In terms of maximum drawdown, INDAX dropped -43.98% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs -0.73), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.